A/c entry for exchange purchase of fixed asset???????

Page no : 2

Chiradeep.R.H (Chirahi & Associates - Consultants)   (240 Points)
Replied 19 September 2011

Dear Friend,

ok let the author of the query give clarification in this regard

Thanks.

Chiradeep .



Anil.M.Saraswat (CA-Final Student) (62 Points)
Replied 27 September 2011

agree with chiradeep


riteshatwork (CA Practice ) (30 Points)
Replied 18 May 2015

Dear Friends,

Can you please let me know the (A) accounting entry and (B) Tax Calculation for following transaction :

1. WDV of Shop is Rs. 82,00,000 on which Depreciation has been taken.

2. New shop is offered by builder against this shop.

3. Market Value of above old existing Shop which was purchased before 5 years is Rs. 3,45,00,000/-

4. Market Value of new shop which is offered is Rs. 4,01,52,000/-

5. Possession of new shop shall be given after 2 years.

Thanks in advance.


Ashish (Student CA IPC / IPCC) (22 Points)
Replied 07 December 2016

Please clear my doubts on " Purchase of new assets under the exchnage offer. Supplier raised the invoice with net amount. What should be the cost of new assets and on what basis."

New Assets- 2,00,000

Old Assets-    50,000 (as per exchnage offer)

Invoice amt. of New Assets- 1,50,000

Book value of old asset-  35,000

 

Thanks Ashish


NANI ROCK (10 Points)
Replied 04 March 2020

Hi frnds.... kindly give me explanation for a/c entry with regards to following case Company A having Fixed Asset cost Rs.10L Fair value Rs15L It exchange same with company B Asset having cost Rs.10L fair value Rs.20lakhs. A company also paid cash Rs3 Lakhs Please give me the Journal entry in the books of A and B



NANI ROCK (10 Points)
Replied 04 March 2020

Hi frnds.... kindly give me explanation for a/c entry with regards to following case Company A having Fixed Asset cost Rs.10L Fair value Rs15L It exchange same with company B Asset having cost Rs.10L fair value Rs.20lakhs. A company also paid cash Rs3 Lakhs Please give me the Journal entry in the books of A and B

NANI ROCK (10 Points)
Replied 04 March 2020

Hi frnds.... kindly give me explanation for a/c entry with regards to following case Company A having Fixed Asset cost Rs.10L Fair value Rs15L It exchange same with company B Asset having cost Rs.10L fair value Rs.20lakhs. company A also paid cash Rs3 Lakhs Please give me the Journal entry in the books of A and B


NANI ROCK (10 Points)
Replied 04 March 2020

Hi frnds.... kindly give me explanation for a/c entry with regards to following case Company A having Fixed Asset cost Rs.10L Fair value Rs15L It exchange same with company B Asset having cost Rs.10L fair value Rs.20lakhs. company A also paid cash Rs3 Lakhs Please give me the Journal entry in the books of A and B


Bharti Bansal (2 Points)
Replied 28 May 2020

What will be the cost of this asset under income tax 



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